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Re: Census shows 1 in 2 people are poor or low-income

Originally Posted by AdamT

Uh, that doesn't confirm your false assertion that the UAW got 51% of GM. It says that they got $14 billion in stock, but it doens't mention that they also got $50 billion in health care liabilities, for a net loss of around $36 billion. Quite a deal.

GM said that it will ask the government to take more than 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1. The swap would cancel about $10 billion in government debt.

In addition, GM is offering the UAW stock for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year.

If both are successful, the government and UAW health care trust would own 89 percent of GM stock, with the government holding more than a 50 percent stake, CEO Fritz Henderson said in a news conference at GM's Detroit headquarters.

Re: Census shows 1 in 2 people are poor or low-income

Um, hello? That's not what actually happened. Any more lies you would like to spread?

Yeah, the news is a lie....heh, heh....I see...

An earlier IBD Editorial pointed out the sweetheart deal Obama gave the UAW:

“Given that the wasteful work rules that UAW bosses — wielding government-granted monopoly-bargaining power over employees — insisted on for decades were largely what drove GM into bankruptcy, they certainly didn’t deserve kid-gloves treatment. Yet that’s what they got.

A UAW-controlled auto retiree health care fund was owed $20 billion by GM before the bailout.

Under the White House-dictated terms, UAW-appointed fund managers got back half of what they were owed in cash, whereas taxpayers who were owed $19.4 billion didn’t get a dime back in cash.

Instead, the Obama administration “forgave” this entire loan on taxpayers’ behalf and earmarked an additional $23.5 billion for the company’s trip through bankruptcy. In exchange for the nearly $43 billion funneled to GM, taxpayers acquired a “60.8% equity stake” in GM.”

It should be noted that the UAW is one of the most politically active of all unions. The union gave $2,119.937 to the 2008 campaigns 99% of which went to Obama and the Democrats. They gave another $1,106,500 in this past 2010 election cycle 100% of which went to Democrats. That is a total of $3,226,437 in just the last two election cycles. That does not include the phone banks, neighborhood canvassing and get out the vote efforts. Since 1990 the UAW has donated $26,510,252 of which 99% went to Democrats.

Not a bad return on investment when you consider they received billions back in ownership and benefit funding.

The government is subsidizing purchases of the GM Volt to the tune of $7,500 each. By the way that $7,500 is being supplied by you the taxpayer and is not being considered in the overall loss figures on the GM union payoff scam.

The UAW also spends about a million and a half a year lobbying for important issues like card check, pension bailouts and the Buy America Act. So in reality taxpayer money was used to pay off unions so that they could then campaign for Democrats and lobby for special favors from those same Democrats. This is change alright. An increase in arrogant corruption that is off the Richter scale.

The Obama campaign is claiming the union bailout saved the auto industry but neglects to mention that Ford took no money and has recovered even better than GM or Chrysler and that US plants owned by Toyota, Nissan and others continued to employ Americans without taxpayer assistance even competing against government subsidized GM and Chrysler.

The real bailout was the union money laundering scheme that keeps union dollars flowing into Democrat campaign coffers. That is the Chicago way of redistributing the wealth. Taking from the unsuspecting taxpayer to give to the union campaign supporters.

Re: Census shows 1 in 2 people are poor or low-income

You REALLY need to cite to something other than a wingnut blather source if you ever want to be taken seriously.

As General Motors emerged from bankruptcy in July 2009, the U.S. Treasury took a 60.8% stake in the company in return for a $50 billion bailout. A trust established to fund health care benefits for UAW retirees -- not the UAW itself -- took a 17.5% stake. The Canadian government took a 12.5% stake, and unsecured bondholders were given a 10% share.

The trust fund came about as part of GM's restructuring. The UAW essentially agreed to shift responsibility for retiree health care costs away from GM to the union-controlled trust fund, consisting of company stock rather than cash.

AUSTAN GOOLSBEE:I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

Re: Census shows 1 in 2 people are poor or low-income

Originally Posted by Boo Radley

I have tried to tell him.

How do you attempt to neutralize the effects of those lakes of kool-aid?

__________________________________________________ _
There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

Re: Census shows 1 in 2 people are poor or low-income

Originally Posted by haymarket

How do you attempt to neutralize the effects of those lakes of kool-aid?

Now that is the question. The answer I fear is blowing in the wind.

AUSTAN GOOLSBEE:I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.